-3.10% to $80.74 from $83.32
What moved WFC
- Third-quarter adjusted earnings of $1.87 per share beat the $1.84 consensus estimate by three cents.
- Revenue of $21.87 billion came in roughly 2% below analysts’ estimate, even though it rose from $21.44 billion a year earlier.
- Shares declined about 3% on the day as the revenue shortfall overshadowed the narrow per-share beat.
Sources: CNBC · 24/7 Wall St
+1.23% to $81.44 from $80.45
What moved WFC
- Morgan Stanley upgraded Wells Fargo to Overweight from Equal-weight, set a $102 price target, and named the stock a top pick.
- Analyst Manan Gosalia said challenges following the lifting of Wells Fargo’s asset cap are easing, improving the balance between growth and profitability.
- The upgrade highlighted balance-sheet growth that has eased funding pressure, which Morgan Stanley expects to help stabilize net interest margins.
- The call is notable because Wells Fargo had been the worst-performing stock in Morgan Stanley’s bank coverage so far this year.
Sources: GuruFocus · CNBC · Tikr